T h i r d Q u a r t e r 13 N o v e m b e r Q2017 Presentation of Results

Transcription

1 RESULTS 2017 T h i r d Q u a r t e r 13 N o v e m b e r 2017

2 Table of Contents HIGHLIGHTS OPERATIONAL EVOLUTION PERFORMANCE BY BUSINESS AREAS ANNEXES 2

3 Highlights 9M 2017 Revenue +4%. EBITDA +4% (Concessions +10%, Services +13%, Industrial +17%). PROFITABILITY Stability: EBITDA margin / Revenue = 12.1%. Rotation of mature concession assets: sale of 49% of Rutas del Algarrobo (Chile) and 4% of Tenerife Tram (Spain). INTERNATIONAL GROWTH High international procurement in the 4 strategic businesses > 5.6 bn. Concessions 3.9 bn. Construction 1.0 bn. Services 0.5 bn. Industrial 0.2 bn. FINANCIAL PROFILE IMPROVEMENT Exposure to variations of Repsol share price totally covered through derivative transactions, retaining the potential upside in Repsol share price and the access to dividends. Decrease in financial costs by -9%. Average cost of debt 4.0%. Total reduction of the financial debt linked to our stake in Repsol. SHAREHOLDER REMUNERATION Bonus Share Capital Increase 1x33: Profitability 3%. 3

4 Table of Contents HIGHLIGHTS OPERATIONAL EVOLUTION PERFORMANCE BY BUSINESS AREAS ANNEXES 4

5 Operational Evolution (I) Main Figures ( Million) 9M M 2016 Var. Revenue 2,249 2,161 +4% International 56% 52% +4 p.p. EBITDA %* EBITDA margin 12.1% 12.1% - EBIT % Financial Result % Net Profit %** Does not include the non-recurring expense due to redundancy plan of Sacyr Construcción and Somague for an amount of 25.5 M in Including this expense, EBITDA would have increased by 15%. ** Like-for-like, without extraordinary in 2016 = +41%. ( Million) 9M S 2016 Var. Backlog 29,683 25, % International 18,180 13, % 5

6 Operational Evolution (II) Contribution by Activity REVENUE (9M2017) EBITDA (9M2017) Construction Concessions Services Industrial 6

7 Operational Evolution (III) EBITDA Evolution ( Million) M M Construction Concessions Services Industrial TOTAL Profitability: Consolidated EBITDA margin 9M2017 = 12.1% 7

8 Operational Evolution (IV) INTERNATIONAL FOCUS 25, % 29,683 BACKLOG International Backlog 9M2017: 29,683 million Backlog increase 9M17/2H % CONSTRUCTION CONCESSIONS SERVICES INDUSTRIAL International 8

9 Operational Evolution (V) High level of procurement in strategic markets Roads 2 and 7 in Paraguay. 1,350 M concession. Road corridor 4G Cúcuta-Pamplona (Colombia). 2,441 M concession. Pirámides, Tulancingo and Pachuca Road (Mexico). Backlog 235 M concession. Roads 2 and 7 in Paraguay. 277 M construction. Road corridor 4G Cúcuta- Pamplona (Colombia) 479 M construction. Pirámides, Tulancingo and Pachuca Road (Mexico). 41 M construction. Construction of Quillota Petorca Hospital (Chile) 128 M. Construction of Acuña City General Hospital 21 M (Mexico). Construction of Pachuca City General Hospital 18 M (Mexico). Operation of waste treatment plant in Melbourne (Australia) 113 M. Operation and management of Antofagasta Hospital (Chile) 139 M. Management of Pirámides, Tulancingo and Pachuca road (Mexico) 15 M. Conservation and maintenance of AP- 9, AG-55 and AG-57 roads 40 M. EPC of waste treatment plant in Melbourne (Australia) 30 M. Cement plant in Bolivia 221 M. Enlargement of electrical grids in Chile 60 M. Liquefaction plants management in Algeria 22 M. 9

10 Repsol Stake of Sacyr in Repsol: million shares = 8% 20 mill. shares 30 mill. shares 72.7 mill. shares Elimination of the Repsol market price variation risk under 10.7 /share. Retaining upside potential of Repsol shares at a given level, well above book value. Debt reduction 213 M. Elimination of the Repsol market price variation risk under 11.9 /share. Retaining upside potential of Repsol shares at a given level, well above book value. Debt reduction 319 M. Elimination of the Repsol market price variation risk under 10.9 /share. Debt reduction 769 M. Retaining 100% upside potential of Repsol share market price. Total elimination of risk. Potential upside. 10

11 Debt Evolution ( Million) Net Debt decrease 9M2017 = (534) 439 (64) (792) 3,726 (272) (65) 3,192 Deuda Net Debt neta 2016 EBITDA Working Capital Other Otros operating flujos Capital operativos flows + tax + tax Financial Resultado financiero Result Inversion Investment Desinversion Divestment Repsol Otros Other + dif.conversión translation differences Deuda Net neta Debt 1S 9M Debt decrease due to operating flow (52) Debt increase due to Net Investment 375 Debt decrease due to Financing flow (857) 11 11

12 Table of Contents HIGHLIGHTS OPERATIONAL EVOLUTION PERFORMANCE BY BUSINESS AREAS ANNEXES 12

13 Construction ( Million) 9M M 2016 Var. Revenue % Sacyr Construcción % Somague % EBITDA % Sacyr Construcción % Somague -7-2 n.s. EBITDA Margin 2.8% 3.8% Sacyr Construcción Margin 4.3% 5.4% Somague Margin -5.6% -0.7% Backlog (9M17/2H16) 4,338 4,131 +5% % International backlog 87% 84% +3.p.p REVENUE AND EBITDA: sustained growth of international activity (+10%) and slowdown of the activity in Spain. Decline of Somague activity due to the deceleration of its markets. BACKLOG: 4,338 M. 45 Months of Activity. 87% overseas. MAIN CONTRACT AWARDS: - Chile: Quillota Petorca Hospital. 128 M. - Paraguay : Roads 2 and M. - Colombia: Road corridor Cúcuta Pamplona. 479 M. - Mexico: Coahuila Acuña City General Hospital, 21 M. - Qatar: Sewerage works of plot QEZ-1, in Ras Bufontas 19 M. - Mexico: Acuña City General Hospital. 21 M. - Mexico: Road between Pirámides, Tulancingo and Pachuca 41 M. - Mexico: construction of Pachuca City General Hospital 18 M. - Mexico: construction of Tlahuac Hospital (November 2017). Months of activity

14 Concessions ( Million) 9M M 2016 Var. Revenue % Construction income % Concessions income % EBITDA % EBITDA Margin 63.2% 68.0% Backlog (9M17/2H16) 16,906 12, % % International Backlog 71% 59% +12.p.p Sacyr Concesiones ranks six in the world s largest transportation developers list. Source: Public Works Financing (PWF). CONCESSIONS INCOME: Concessions revenue increase due to positive evolution of traffic and commissioning of Valles del Bio-Bio. ASSET ROTATION: Sale of 49% Ruta del Algarrobo (La Serena - Vallenar), in Chile. EV 161 M. Sacyr Concesiones sells its 4% stake in Tenerife Tram. BACKLOG: 16,906 M (+31%). 71% International. FINANCING CLOSING: Road corridor 21 and 24 (Uruguay). Aprox 76 M. COMMISSIONING: Antofagasta Hospital (November 2017). CONTRACT AWARDS : Paraguay : Roads 2 and 7. Backlog 1,350 M. Colombia: Road corridor Cúcuta Pamplona. Backlog 2,441 M. Sacyr Concesiones ranks first in number of contract awards in the 4G Plan (4 concessions). Mexico: First PPP project (Public Private Partnership) in the Country: renovation, maintenance and conservation of 91.5 km road between Pirámides, Tulancingo and Pachuca. Backlog 235 M. Mexico: Tláhuac Hospital concession (November 2017). 14

15 Services ( Million) 9M M 2016 Var. Revenue % Environment Multiservices Water Central 3 2 EBITDA % Environment Multiservices Water 15 8 EBITDA Margin 8.4% 8.0% REVENUE AND EBITDA: Positive evolution of revenue due to the contribution of projects from all business lines. Improvement of businesses profitability. BACKLOG: 6,029 M. 30% overseas. AWARDINGS: High number of contract awards during the period, some examples:: - Operation of a waste treatment plant in Melbourne (Australia). Amount 113 M. - Maintenance and operation of Antofagasta Hospital (Chile). Amount 139 M and 15-year period. - Maintenance and operation of Ruta del Litoral. Amount 41 M and a 25-year period. - Addendum to the cleaning contract for Madrid City Council, Amount 24 M. - Maintenance and operation of ERAR south of Madrid City Council. Amount 16 M. - Exterior cleaning of Madrid Airport. Amount 11 M. - Cleaning services for the Integrated Attention Management of Albacete. Amount 15 M. - Conservation and maintenance for a 6+2-year term of Autopistas del Atlántico AP-9, Autoestradas de Galicia AG- 55 and AG-57, for 40 M. - Conservation of several concessional roads in Chile, for a 4-year term, and an amount of 13 M. 15

16 Industrial ( Million) 9M M 2016 Var. Revenue % Oil & Gas Electrical Grids Environment & Mining Water (EPC) 58 0 Power Generation Central 1 0 EBITDA % EBITDA margin 6.8% 7.7% REVENUE AND EBITDA: Relevant increase of the activity. - Integration of EPC water contracts (Sohar desalination plant in Oman). - Electricity pool price increase. (50.30 /MW/h). - Contribution of new Oil&Gas projects, electrical infrastructures, environment and mining. offsets the termination of the Pampilla refinery in Peru and the regasification plant in Cartagena.. BACKLOG: 2,410 M. International +11%. MAIN AWARDINGS: - Design and construction of a waste treatment plant in Melbourne (Australia) for an amount of 30 M. - Cement plant in Potosí (Bolivia), for a total amount of 241 M. - Enlargement of electrical grids in Chile for an amount of 60 M. - Management Consulting contract for two liquefaction plants in Algeria (Sacyr Fluor), for an amount of 22 M. 16

17 Table of Contents HIGHLIGHTS OPERATIONAL EVOLUTION PERFORMANCE BY BUSINESS AREA ANNEXES 17

18 Income Statement STATEMENT OF INCOME (Thousands of Euros) 9M M 2016 % chg 9M17/9M16 Revenue 2,248,681 2,161, % Other income 48,726 60, % Total operating income 2,297,407 2,221, % External and Operating Expenses -2,025,697-1,959, % EBITDA 271, , % Amortisation and depreciation charge -84,494-80, % Trade Provisions and non recurring items -10,369-21,454 n.s. NET OPERATING PROFIT 176, , % Financial results -140, , % Forex results -29, % Results from equity accounted subsidiaries 215, , % Provisions for financial investments -3,553-5, % Change in value of financial instruments -93,742-19, % Results from sales of non current assets 2,482 22, % PROFIT BEFORE TAXES 127, , % Corporate Tax -11,596-15, % PROFIT FOR CONTINUING ACTIVITIES 115, , % RESULTS FOR COMPANIES WITH DISCONTINOUS ACTIVITIES 0 0 CONSOLIDATE RESULTS 115, , % Minorities -19,155-11, % NET ATTRIBUTABLE PROFIT 96,617 89, % Gross margin 12.1% 12.1% 18

19 Consolidated Balance Sheet BALANCE SHEET (Thousands of Euros) SEP 2017 DEC 2016 Chg 9M17 NON CURRENT ASSETS 7,081,957 7,023,764 58,193 Intangible Assets 15,914 13,044 2,870 Concessions Investments 1,375,605 1,402,267-26,662 Fixed Assets 368, ,350 5,315 Financial Assets 3,100,334 3,110,156-9,822 Receivables from concession assets 1,795,632 1,712,627 83,005 Other non Current Assets 240, ,820 3,614 Goodwill 185, , CURRENT ASSETS 3,743,909 3,665,181 78,728 Non current assets held for sale 449, ,406-25,589 Inventories 196, ,121-39,203 Receivables from concession assets 225, ,877 51,530 Accounts Receivable 2,202,942 2,065, ,260 Financial Assets 66,051 92,787-26,736 Cash 602, ,308-18,535 ASSETS = LIABILITIES 10,825,866 10,688, , EQUITY 1,978,293 2,080, ,107 Shareholder's Equity 1,650,273 1,791, ,251 Minority Interests 328, ,875 39,144 NON CURRENT LIABILITIES 5,475,609 5,271, ,980 Financial Debt 2,946,933 3,605, ,745 Financial Instruments at fair value 238, ,829 52,213 Provisions 367, ,428-3,054 Other non current Liabilities 512, ,399 21,057 Other hedged debt 1,410, , ,510 CURRENT LIABILITIES 3,371,965 3,336,918 35,047 Liabilities associated with the non current assets held for sale 175, ,042-27,187 Financial Debt 913, ,062 84,879 Financial Instruments at fair value 16,534 21,375-4,841 Trade Accounts Payable 1,402,077 1,550, ,134 Operating Provisions 213, ,778-7,334 Other current liabilities 650, , ,664 19

20 Income Statement by Line of Business Sept 17 CONSOLIDATED INCOME STATEMENT AS OF SEPTEMBER 2017 (Thousands of Euros) Construcción Sacyr Concesiones Valoriza Sacyr Industrial Holding and Adjustments TOTAL Turnover 876, , , , ,174 2,248,681 Other Sales 31,079 6,827 9,987 2,783-1,951 48,726 Total Income 907, , , , ,125 2,297,407 External and Operating Expenses -882, , , , ,898-2,025,697 GROSS OPERATING PROFIT 24, ,569 59,238 26,171-13, ,710 Depreciation -12,145-36,049-27,962-6,805-1,532-84,494 Trade Provisions and non recurring items -2,738-6, ,369 NET OPERATING PROFIT 10, ,695 30,568 19,255-14, ,847 Financial results 1,869-73,379-6,534-2,713-60, ,839 Forex results -2,241 1, ,644-26,786-29,173 Results from equity accounted subsidiaries 8,957 4,617 4, , ,348 Provisions for financial investments -26-3, ,553 Change in value of financial instruments at fair value 0-14,470-2, ,772-93,742 Results from sales of non current assets 2, ,482 PROFIT BEFORE TAXES 21,083 46,178 26,146 14,331 19, ,369 Corporate Tax -12,781-15,796-7,927-3,930 28,837-11,596 PROFIT FOR CONTINUING ACTIVITIES 8,302 30,382 18,219 10,402 48, ,772 PROFIT FOR DISCONTINUING ACTIVITIES CONSOLIDATE RESULTS 8,302 30,382 18,219 10,402 48, ,772 Minorities , , ,155 NET ATTRIBUTABLE PROFIT 8,219 13,598 18,188 7,842 48,770 96,617 20

21 Income Statement by Line of Business Sept 16 CONSOLIDATED INCOME STATEMENT AS OF SEPTEMBER 2016 (Thousands of Euros) Construcción Sacyr Concesiones Valoriza Sacyr Industrial Holding and Adjustments TOTAL Turnover 996, , , , ,369 2,161,221 Other Sales 34,287 10,242 12,658 1,869 1,083 60,139 Total Income 1,030, , , , ,286 2,221,360 External and Operating Expenses -992, , , , ,530-1,959,711 GROSS OPERATING PROFIT 38, ,285 52,505 22,358-9, ,649 Depreciation -12,715-34,463-25,493-6,860-1,350-80,881 Trade Provisions and non recurring items -17,254-7,624 1,411 2, ,454 NET OPERATING PROFIT 8, ,198 28,423 17,625-11, ,314 Financial results -15,819-65,630-7,513-2,938-62, ,563 Forex results 3,876-2, , Results from equity accounted subsidiaries -44 1,480 4, , ,136 Provisions for financial investments -2,047-2, ,727 Change in value of financial instruments at fair value 0-15,273-2,732-1, ,487 Results from sales of non current assets , ,498 PROFIT BEFORE TAXES -4,862 52,585 21,965 11,699 34, ,340 Corporate Tax -9,046-14,851-4,505-5,184 17,992-15,594 PROFIT FOR CONTINUING ACTIVITIES -13,907 37,734 17,459 6,515 52, ,746 PROFIT FOR DISCONTINUING ACTIVITIES CONSOLIDATE RESULTS -13,907 37,734 17,459 6,515 52, ,746 Minorities , ,360 NET ATTRIBUTABLE PROFIT -14,007 26,169 17,612 6,368 53,244 89,386 21

22 Balance Sheet by Line of Business Sept 17 CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 2017 (Thousands of Euros) Construcción Sacyr Concesiones Valoriza Sacyr Industrial Holding y Ajustes TOTAL NON CURRENT ASSETS 377,012 3,286, , ,135 2,455,876 7,081,957 Intangible Assets ,028 1,676 1,518 15,914 Concessions Investments 49,425 1,077, , ,375,605 Fixed Assets 115,133 2, , ,614 3, ,665 Financial Assets 174, , ,766 20,016 2,450,801 3,100,334 Receivables for concession assets 18,548 1,621, , ,795,632 Other non Current Assets 0 237,840 2, ,434 Goodwill 18, ,062 67, ,374 CURRENT ASSETS 2,288, , , , ,761 3,743,909 Non current assets held for sale 0 280, , ,818 Inventories 148, ,591 15,645 10, ,918 Receivables for concession assets ,361 1, ,407 Accounts Receivable 1,523, , , ,246-55,541 2,202,942 Financial Assets 482,044 9,031 69,496 49, ,337 66,051 Cash 134, ,767 51, ,318 7, ,773 ASSETS = LIABILITIES 2,665,273 4,251,850 1,266, ,160 2,044,115 10,825,866 Equity 487, , , , ,487 1,978,293 Shareholder's Equity 491, , ,406 92, ,536 1,650,273 Minority Interests -3, ,806 9,553 51,596-4, ,020 NON CURRENT LIABILITIES 672,833 2,648, , ,930 1,461,476 5,475,609 Financial Debt 203,932 1,915, ,014 74, ,695 2,946,933 Financial Instruments at fair value 0 137,501 14, , ,042 Provisions 350,094 92, ,394 10, , ,374 Other non current Liabilities 118, , ,257 14, , ,455 Other hedged debt ,410,804 1,410,804 CURRENT LIABILITIES 1,505, , , , ,151 3,371,965 Liabilities associated with the non current assets held for sale , ,855 Financial Debt 197, ,625 86,250 49, , ,941 Financial instruments at fair value 0 14,453 1, ,534 Trade Accounts Payable 745, , , ,246 38,499 1,402,077 Operating Provisions 76,820 16,402 21,570 5,018 93, ,444 Other current liabilities 484,781 62, ,706 52, , ,114 22

23 Balance Sheet by Line of Business Dec 16 CONSOLIDATED BALANCE SHEET AS OF DECEMBER 2016 (Thousands of Euros) Construcción Sacyr Concesiones Valoriza Sacyr Industrial Holding y Ajustes TOTAL NON CURRENT ASSETS 363,685 3,200, , ,383 2,551,750 7,023,764 Intangible Assets ,083 1,961 1,320 13,044 Concessions Investments 50,405 1,091, , ,402,267 Fixed Assets 118,270 3, , ,192 4, ,350 Financial Assets 157, , ,275 19,401 2,546,285 3,110,156 Receivables for concession assets 18,738 1,591, , ,712,627 Other non Current Assets 0 234,063 2, ,820 Goodwill 18, ,188 67, ,500 CURRENT ASSETS 2,345, , , , ,505 3,665,181 Non current assets held for sale 0 279, , ,406 Inventories 154,128 17,278 40,359 23, ,121 Receivables for concession assets 0 170,040 3, ,877 Accounts Receivable 1,536, , , ,660-97,076 2,065,683 Financial Assets 506,616 6,321 74,628 8, ,145 92,787 Cash 148, , ,437 52,322 7, ,308 ASSETS = LIABILITIES 2,708,980 4,058,197 1,316, ,172 2,155,245 10,688,945 Equity 510, , , , ,983 2,080,399 Shareholder's Equity 514, , ,885 84, ,326 1,791,524 Minority Interests -4, ,629 9,784 49,037 4, ,875 NON CURRENT LIABILITIES 659,964 2,510, ,885 58,947 1,468,509 5,271,628 Financial Debt 203,075 1,876, ,310 40,689 1,212,085 3,605,678 Financial Instruments at fair value ,374 17,506 1,133 34, ,829 Provisions 343,042 92, ,759 2, , ,428 Other non current Liabilities 113, , ,309 14, , ,399 Other hedged debt , ,294 CURRENT LIABILITIES 1,538, , , , ,753 3,336,918 Liabilities associated with the non current assets held for sale , ,042 Financial Debt 218, ,528 95,486 61, , ,062 Financial instruments at fair value 0 19,033 1,326 1, ,375 Trade Accounts Payable 880, , , ,916 60,229 1,550,211 Operating Provisions 96,420 5,540 21,599 3,586 93, ,778 Other current liabilities 343,526 87, ,104 39,761-85, ,450 23

24 Net Financial Debt Million 9M 2017 Dec Var. 9M Project Finance 2,317 2, Other business lines debt Total Business Lines 2,609 2, Corporate Bank Borrowings Capital Markets Total Corporate Repsol NET DEBT 3,192 3,

25 Debt Maturity NET FINANCIAL DEBT Million DEBT MATURITY DEBT and + Sacyr Concesiones Sacyr Construcción + Somague Valoriza Industrial 1, , SUBTOTAL BUSINESS LINES DEBT 2, ,949 TOTAL CORPORATE TOTAL NET FINANCIAL DEBT 3, ,996 25

26 Concessions: Traffic ACCUMULATED ADT 9M M 2016 Var. SHADOW TOLL HIGHWAY SPAIN - AUTOVIA DEL NOROESTE - Ma-15 PALMA-MANACOR - AS-II OVIEDO-GIJÓN (VIASTUR) - AUTURSA CV-35 - ERESMA - BARBANZA - ARLANZON 12,308 11, % 25,778 24, % 23,394 22, % 39,088 37, % 8,193 7, % 14,010 13, % 22,570 21, % TOLL HIGHWAY SPAIN - AP-46 MÁLAGA - LAS PEDRIZAS 12,922 11, % TOLL HIGHWAYS OTHER COUNTRIES - N6 GALWAY-BALLINASLOE - VALLES DEL DESIERTO - R-1 RUTAS DEL DESIERTO - R-16 RUTAS DEL DESIERTO - RUTAS DEL ALGARROBO RG- III - RUTAS DEL ALGARROBO RG-IV - VALLES DEL BIO-BIO - HUINANCO (4) - VALLES DEL BIO-BIO - PUENTES NEGROS (4) - MONTES DE MARÍA - UNIÓN VIAL DEL SUR - DESARROLLO VIAL AL MAR 11,666 11, % 4,814 4, % 5,603 5, % 7,542 7, % 4,440 4, % 4,658 3, % 8,530-2,463-3,064 3, % 6,012 6, % 7,103 - NOTE: HIGHWAYS WITH NO DATA IN ACCUMULATED ADT 9M2016 ARE CONCESSIONS WITH LESS THAN 12 MONTHS INTO OPERATION. Increase of weighted ADT in Spain by +4.26% 26

27 Concessions: Revenue Breakdown REVENUE ( Thousands) 9M M 2016 Var. (%) AUTOVÍA DEL TURIA 10,154 9, % AUTOVÍA NOROESTE C.A.R.M. 5,347 6, % VIASTUR 5,395 5, % PALMA MANACOR 8,514 7, % AUTOVÍA DEL BARBANZA 7,780 7, % AUTOVÍA DEL ERESMA 5,378 5, % AUTOVÍA DEL ARLANZÓN 27,927 26, % INTERCAMBIADOR DE MONCLOA 8,870 9, % INTERCAMBIADOR DE PLAZA ELÍPTICA 4,800 4, % AUTOPISTA DE GUADALMEDINA 12,454 11, % HOSPITAL DE PARLA 10,171 10, % HOSPITAL DE COSLADA 10,852 10, % HOLDINGS 1,586 1, % AEROPUERTO DE MURCIA CONCESIONARIA -1 SPAIN 119, , % HOLDINGS % IRELAND % HOSPITAL BRAGA - 1, % HOSPITAL DE VILA FRANCA - 1, % PARQUE DO NOVO HOSPITAL % HOLDINGS % ESCALA PARQUE % PORTUGAL 664 3, % HOLDINGS 1,178 1, % RUTAS DEL DESIERTO - ACCESOS A IQUIQUE 15,579 14, % VALLES DEL BIO BIO - CONCEPCIÓN CABRERO 26,758 18, % VALLES DEL DESIERTO - VALLENAR CALDERA 18,014 17, % RUTA 43 - LIMARI 2,449 1, % HOSPITAL ANTOFAGASTA 15,690 9, % SERENA VALLENAR - RUTAS DEL ALGARROBO 22,802 23, % CHILE 102,471 84, % CONVIAL SIERRA NORTE 9,670 10, % PERU 9,670 10, % HOLDINGS n/a MONTES DE MARÍA 13,295 9, % RUMICHACA 15,215 6, % PAMPLONA-CÚCUTA 13,783 - n/a COLOMBIA 42,911 16, % HOLDINGS 17 - n/a RUTAS DEL LITORAL % URUGUAY % RUTAS DEL ESTE n/a PARAGUAY n/a TOTAL WITHOUT CONSTRUCTION INCOME 276, , % CONSTRUCTION INCOME 140, , % TOTAL 416, , % 27

28 Medidas alternativas de rendimiento The Sacyr Group presents its earnings in accordance with International Financial Reporting Standards (IFRS). The Group also provide certain additional financial measurements, known as Alternative Performance Measures (APMs) used by management in decision-making and evaluation of the Group's financial performance, cash flows and financial position. In order to comply with the Guidelines on Alternative Performance Measures (2015/1415en) published by the European Securities and Markets Authority (ESMA), the disclosures required for each APM are set out below, including its definition, reconciliation, explanation of its use, comparatives and consistency. Sacyr Group considers that this additional information will improve the comparability, reliability and comprehensibility of its financial information. ALTERNATIVE PERFORMANCE MEASURES EBITDA: this indicator shows operating profit or loss prior to depreciation and amortisation and any change in provisions, excluding extraordinary/non-recurring profits and losses. EBIT: Calculated as the difference between Operating income (Revenue, Own work capitalized, Other operating income, Government grants released to the income statement) and Operating expenses (Staff costs, Depreciation and amortisation expense, Changes in provisions and Other). GROSS DEBT: Comprises Non-current financial debt and Current financial debt as shown on the liabilities side of the consolidated statement of financial position, which include bank borrowings and issues in capital markets (bonds). NET DEBT: Calculated as Gross debt less Other current financial assets and Cash and cash equivalents, from the asset side of the consolidated statement of financial position. PROJECT FINANCE DEBT (GROSS OR NET): The financial debt (gross or net) from project companies. In this type of debt, the guarantee received by the lender is limited to the project cash flow and its asset value, with limited recourse to shareholders. CORPORATE DEBT (GROSS OR NET): Debt held by the Group's Parent, comprising bank borrowings and issues in capital markets. FINANCIAL RESULT: The difference between Total finance income and Total finance costs. BACKLOG: Value of awarded and closed work contracts pending completion. These contracts are included in the backlog once they are formalised. The backlog is shown as the percentage attributable to the Group, as per the corresponding consolidation method. Once a contract has been included in the backlog, the value of production pending completion on the contract remains in the backlog, until it is completed or cancelled. Nevertheless, valuation adjustments are made to reflect any changes in prices and time periods agreed with the client. Due to a number of factors, all or part of the backlog linked to a contract may not actually become income. The Group's backlog is subject to adjustments and cancellation of projects, and cannot be taken as an exact indicator of future earnings. Given that no comparable financial measure is foreseen under IFRS, a reconciliation with the financial statements is not possible. Management considers that the backlog is a useful indicator of the Group's future revenues and a customary indicator used by companies in the sector in which Sacyr operates. The concessions backlog represents estimated future revenues on concessions, over the concession period, based on the financial plan for each concession, and includes projected fluctuations in the exchange rate between the euro and other currencies, as well as changes in inflation, prices, tolls and traffic volumes. MARKET CAP: Number of shares at the end of the accounting period, multiplied by the share price at the end of the accounting period. LIKE-FOR-LIKE BASIS: On occasions, certain figures are corrected to permit a comparison between accounting periods, for example, by eliminating non-recurring impairment, significant changes in the consolidation scope that could distort the year-on-year comparison of indicators such as sales, the effect of exchange rates, etc. In each case, details are provided in the notes to the corresponding item. ADT: Defined as the total number of users of a concession during a day. ADT is normally calculated as the total number of vehicles travelling on the motorway each day 28

29 NOTE: The financial information contained in this document is drafted according to the International Financial Reporting Standards. This information has not been audited and therefore may be modified in the future. This document is not a offer, invitation or recommendation to buy, sell or exchange shares or make any kind of investment. Sacyr does not assume any type of damages or losses as a result of the use of this document or its content. In addition, the Group uses Alternative Performance Measures to provide with additional information which enhances the comparability and comprehension of its financial information and facilitate the decision-making and the evaluation of the group s performance. To comply with the Directives (2015/1415es) of European Securities and Markets Authority (ESMA) on APMs, this document comprises the more outstanding APMs used in the preparation of this document (Annex).